India Financial News

Saudi Arabia, India, South Africa, Thailand, Indonesia, Mexico and the United Arab Emirates were among countries participating at a summit on peace for Ukraine that did not sign a final communique, the Swiss government said on Sunday. Switzerland, which hosted the summit, said over 90 countries took part in the talks, and the vast majority of them signed up to the communique, according to a list which the Swiss organizers posted at the close of proceedings. Brazil, which was listed as an «observer» on the list of attendees, also did not feature as a signatory.

Yogi Adityanath offered financial assistance to the family of two workers from Gorakhpur who lost their lives in a fire accident in Kuwait and to devotees who were injured in the recent terrorist attack on a pilgrims' bus in Jammu and Kashmir's Reasi. Recently, 45 Indians died in a fire in a multi-storey building in Kuwait. These included Angad Gupta, a resident of Jatepur North in Sadar tehsil area of Gorakhpur and Jairam Gupta, a resident of Bhammaur in the Campierganj tehsil area. Chief Minister Yogi Adityanath contacted the Ministry of External Affairs and the Indian Embassy in Kuwait and made arrangements to bring their bodies to their homes with respect.

Union Minister of State for Law and Justice (Independent Charge) Arjun Ram Meghwal on Sunday said the new criminal laws will be introduced from July 1, dismissing opposition allegations of not being consulted before the decision was made. Meghwal said the Indian Penal Code, Code of Criminal Procedure, and the Evidence Act will be replaced by the Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Act. He added that necessary training programmes and infrastructure development for implementing the new laws are already underway. «The three new laws will be implemented from July 1 for providing timely, speedy, and error-free justice,» Meghwal said during the inaugural session of 'India's Progressive Path in the Administration of Criminal Justice System' held here on Sunday.

poll official on Sunday said an EVM was a standalone system that does not need an OTP to unlock it. Vandana Suryavanshi, returning officer of Mumbai North West Lok Sabha constituency, was reacting to a report in Mid-day newspaper about a kin of Ravindra Waikar, the Shiv Sena candidate who emerged victorious there by a wafer thin margin of 48 votes, using a mobile phone connected to an EVM during vote counting on June 4. «The EVM is a standalone system and there is no need for an OTP to unlock it. We have issued notice to Mid-day newspaper under sections 499, 505 of the Indian Penal Code for defamation and spreading false news,» Suryavanshi said in a press conference on Sunday. Mangesh Pandilkar, brother-in-law of Waikar was booked on Wednesday for allegedly using a mobile phone at a counting centre on June 4, when results of the general elections were announced, a police official said on Saturday. The Vanrai police station official said the case was registered for Pandlikar's his alleged act inside a counting centre in Goregaon, which is part of Waikar's constituency.

NB: BSE Capital Goods index mostly consists of industrial equipment makers & service providers.Nifty & BSE Infra index is wisely diverse, consisting of energy, construction, power and equipment, transportation to tourism. BSE has performed better due to high exposure in PSUs & Midcaps.Capital Goods have outperformed infra stocks due to the lean capital requirement compared to the high long-term and working capital required by infra based companies. Their cash conversion cycle is longer due to the long period of inventory, manufacturing, EPC, and dependence on timely disbursement of government funds, which in total may take 2 to 4 months.

cricket players in the India team, Rohit Sharma and Virat Kohli, remains a matter of concern for fans.Virat Kohli is playing as an opener in the tournament while he typically bats at number 3. King Kohli has not found his form in this tournament so far. He scored 1 off 5 against Ireland and 4 off 3 against Pakistan.

Melting Lotus. But there is more to them than meets the eye. In a cheeky aside, the artist has placed a circular hot plate on a wooden stand into which visitors can toss the flowers and see them melt.

Indian stock market: The Nifty remained within the defined range of 23,300-23,500. The short-term sentiment is likely to remain more or less positive. Support levels are seen at 23,400/23,300, where put writers have built significant positions.

nearly 50 degrees Celsius. While the official human toll as of 1 June stood at 87, the tragedy did not end there. Life underwater, too, perished before fishermen had a chance to extinguish it.

Mint could not independently verify the value of the contract. “The deal would include Wipro handling Standard Chartered’s data transformation work and IT infrastructure. There will be a digital aspect to it as well," said one of the two people, seeking anonymity.

Stock market holidays: Stock market exchanges Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain closed for trading on Monday, June 17, in observance of Bakri Id. This closure affects all segments, including equity, derivatives, and SLB.

If the poetic assertion of morning showing the day holds true, then first-day statements uttered by ministers of the ruling Bharatiya Janata Party (BJP) should illuminate India’s political path ahead. From all indications available, it is likely that the notion of cooperative federalism will be put to severe test. The government’s governance structure, despite hopes springing from the return of coalition politics, could lapse into its default mode of overt centralization.

Le Travenues Technology, which operates the travel platform Ixigo, will debut on the exchanges on Tuesday, June 18. Ahead of the listing, the company's shares are trading with a premium of Rs 29-30 in the unlisted market. If the current trends are sustained, the company's shares are expected to list with a premium of 32%. The IPO was priced at Rs 93 at the upper end.

Deputy Speaker of the Lok Sabha, Om Birla said on Sunday that all these decisions are taken by political parties and he has no role in it. «All these decisions are taken by political parties. These decisions cannot be taken by me,» Birla said. Further, the Speaker of the 17th Lok Sabha said that the 'Prerna Sthal' that contains statues of great leaders and freedom fighters and will be inaugurated today will inspire the current and younger generations.

T20 World Cup has progressed to its Super Eight stage after an intense round of preliminary matches across various venues. The Super Eight phase of the 2024 T20 World Cup is scheduled to commence on June 19, Wednesday, with seven out of the eight teams already confirmed. Anticipation mounts for the June 24 clash between India and Australia, a rematch of the 2023 World Cup Final. India secured their spot by topping Group A with three wins, while their last match was affected by rain. Bangladesh is expected to join as the eighth team in the Super Eight, while the Netherlands remains a distant contender.

Modi, in a bilateral meeting with Japanese Prime Minister Fumio Kishida, reiterated that strengthening ties with Japan remains a top priority in his third term. This reaffirmation highlights the ongoing collaboration between India and Japan in several key sectors. The Indian government highlighted the collaboration on the Mumbai-Ahmedabad high-speed rail project, describing it as a significant step forward for India's mobility infrastructure. Despite facing a five-year delay, Japanese authorities confirmed earlier this year that work on all sections has commenced and expressed satisfaction with the progress. They assured that all uncertainties regarding the project have been resolved. In addition, both leaders discussed Japan's planned 5 trillion yen investment in India over the 2022-2027 period. They also reviewed the India-Japan Industrial Competitiveness Partnership, which aims to enhance manufacturing cooperation between the two nations.

PLI scheme, the government is in the final stages to put in place similar processes for other manufacturing units, an official said. The move assumes significance as some domestic manufacturing firms have flagged the issue of delay in getting visas for Chinese technicians, who are required for works like installation or repair of certain machines, besides training workers in India. «Most of the PLI (production-linked incentive scheme) visas have been taken care of. For general manufacturing also, we are trying to create a better streamlined SOP… that is with the Ministry of Home Affairs. It's at the final stages. We are hoping to sort it out. We have done a lot of sensitisation,» the official said. The rollout of SOPs does not require any approval from the Union cabinet as it is an internal process to relax norms «a bit» for facilitating visa applications of Chinese professionals or technicians whose expertise is required by domestic manufacturing units, the official added.

Virat Kohli and Rohit Sharma are in this Indian set-up because of their ability to play defining knocks when it matters the most and Sanjay Manjrekar wouldn't mind a few underwhelming group league scores from the two megastars if they can make a difference in the semi-final or final of the ongoing T20 World Cup. While Kohli has failed to reach double digits in all three completed games, skipper Rohit was in good nick during his fifty against Ireland but didn't score many against Pakistan and USA in the subsequent matches. «Ideally, if you have gone for people like Rohit Sharma and Virat Kohli, then you have gone for experience. You want to take your experienced players in World Cup to deliver when it really matters,» Manjrekar told PTI in an exclusive interview. The former India player added, «So, I don't mind if certain players are out of form. Coming into the knockouts, if they play a defining innings in a semi-final or the final to win the title, that's the kind of expectation you must have from your senior players.

Indira Gandhi as "mother of India" received widespread attention, Union Minister Suresh Gopi on Sunday clarified that he called the late leader the mother of the Congress party in the country and his remarks were misinterpreted by the media. The actor-turned-politician said he was a person talking from the heart and he firmly believed that there was nothing wrong in what he said about Indira Gandhi. While addressing the media here, the BJP leader asked the reporters whether they don't understand the «contextual meaning of language.» «What did I say? As far as the Congress is concerned...whether anyone likes it or not… K Karunakaran is the father of the Congress party in Kerala. In India, its mother is Indira Gandhi. I said this from my heart,» Suresh Gopi said.

Indian banks have established themselves in a much stronger position, as balance sheets and profits have rebounded markedly, noted CLSA (formerly known as Credit Lyonnais Securities Asia), a capital markets and investment group. «We believe Indian banks are well placed after a rollercoaster decade. Balance sheets are the strongest they have been in over a decade, and profits have rebounded sharply (quadrupling in 10 years),» the firm added in its observation. It further added that the return on equity (ROE) of the Indian banking sector is the highest since the financial year 2011.

Indian Biogas Association (IBA) is demanding a fixed rate of Rs 90 per kg for procurement of biogas by oil and gas marketing companies, from the government, citing environmental benefits and to boost the sector. The IBA will soon put up the suggestion about fixing the procurement price of the biogas, along with other recommendations, for boosting the sector before the newly appointed Union Minister of New and Renewable Energy Minister Pralhad Joshi. While the retail selling price of compressed biogas (CBG) is aligned with CNG (compressed natural gas), the procurement price is unfortunately linked to the retail selling price (RSP) of CNG, IBA Chairman Gaurav Kedia told PTI. Consequently, he said with CNG prices in New Delhi hovering at Rs 75-80 per kg, the procurement price of CBG by oil and gas marketing companies falls to Rs 59 per kg (excluding GST).